Otium Real Estate has bought the Robin Leisure Park in Wigan on behalf of its Otium Leisure Ventures II Fund.
The 96,163 sq ft leisure park was sold by a fund managed by CBRE Global Investors for £12.4m, reflecting a 8.3% yield off a net rental income of £1.107m per year.
The property, which comprises an Empire cinema, JD Gym, Buzz Bingo and Pizza Hut, sits on an 18.4-acre site.
The fund has £200m of investment to target opportunities in the UK leisure market. This acquisition is the fund’s second following its first purchase of the Coppins Bridge Leisure Park from Aviva Investors in 2018.
“We are delighted to add the leisure park to the fund’s portfolio” said Ashley Blake of Otium. “Its tenant line-up and location are established, showing us that the scheme still has significant potential for growth – we will be working closely with the tenants to enhance the park further.”
Bruce Gillingham Pollard acted for Otium and Montagu Evans acted for CBRE Global Investors.